Börsenrecht

Börsenrecht refers to the body of German law governing the operation of stock exchanges (Börse), securities trading, and investor protection. As a key branch of commercial law (Handelsrecht), it encompasses regulations on exchange organization—such as membership structures and corporate governance—and trading procedures, including price formation mechanisms, order execution rules, and disclosure requirements. Regulatory oversight is primarily conducted by the Federal Financial Supervisory Authority (BaFin), which enforces compliance with market integrity standards and investor rights. Key aspects also include dispute resolution mechanisms for trading conflicts and obligations for issuers to provide timely, accurate information to the market. This legal framework aims to ensure fair, transparent, and orderly securities markets while safeguarding the interests of participants.